Fiat money can only be justified if it is used to direct capital toward assets and infrastructure that are likely to increase the net wealth and prosperity of the economy as a whole.

But what has happened since the neoliberal 'reforms' of the 1980s is that fiat money debt issuance has moved hugely toward issuance of capital for directed toward speculation on asset prices.

This simple fundamental truth is ignored by most commentaries on the topic...especially from Libertarians who usually completely completely ignore this because neoliberalism is their ideological progenitor.